The RocketSwap Hack: Community Backlash and Security Concerns
The RocketSwap team is facing backlash from the crypto community after hackers stole 472 ETH (approx. $869,000) due to a compromised private key. Here are the key points:
- Hackers accessed RocketSwap’s funds through a compromise in the private keys and bridged the tokens to Ethereum via the Stargate bridge.
- RocketSwap apologized for the loss, attributing it to a brute force hack of the server and high-risk permissions.
- The project disabled comments on social media platforms, which received heavy criticism from the community.
- The Total Value Locked (TVL) on RocketSwap dropped by over 25% in 24 hours after the hack.
- Community members highlighted poor security measures, such as storing private keys on a server, and revealed previous security blunders.
The community suspects a possible rug pull by the RocketSwap team, given the back-to-back incidents and their communication halt. There are also allegations of volume spoofing. Additionally, some community members criticize Coinbase Base for multiple rug pull and hack incidents on its network.
Hot Take
The RocketSwap hack serves as a reminder of the importance of robust security measures in the crypto space. It also highlights the need for transparent and accountable communication from projects when faced with security breaches. The community’s skepticism towards projects and platforms involved in rug pulls and hacks reflects the growing demand for trustworthy and secure decentralized finance solutions.
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